Citigroup has taken a bold step toward hybrid work, distinguishing itself from many financial institutions. Newly appointed Chief Executive Jane Fraser recently announced the company’s new workplace policy, which will impact its 210,000 employees worldwide. While some details are still being finalized, Fraser’s vision offers a clear direction for the future.
A three-tiered work model.
Citi’s hybrid work strategy introduces three distinct models of work:
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Hybrid.
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This will apply to most roles globally. Hybrid employees will work from the office three days a week and remotely for the remaining two. Fraser emphasized, “This is not just a scheduling exercise; we will be thoughtful about when we ask colleagues to be in the office together.”
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Resident.
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Roles that must be performed onsite, such as branch-based or data center jobs, fall under this category.
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Remote.
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These roles allow employees to work entirely offsite. While some positions, like those supporting contact centers, were remote before the pandemic, new fully remote roles will be limited.
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Pressing pause for a work reset.
Before reopening offices, Citigroup is implementing measures to address the challenges of blurred work-life boundaries during the pandemic. Fraser calls this a "reset" to improve employee well-being:
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Zoom-free Fridays. Internal Zoom meetings will be discouraged on Fridays to provide a break from virtual fatigue.
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Limiting after-hours calls. Efforts will be made to reduce work calls outside traditional business hours, a significant challenge for a global company.
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Encouraging time off. This includes a company-wide “Citi Reset Day” on May 28, where employees can enjoy a quiet day without emails or calls.
Hybrid, but office-centric.
While embracing hybrid work, Citigroup underscores the importance of the office. Fraser explained in her message that being physically present offers several key benefits:
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Belonging.
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“We want our people to feel an attachment to our firm, a sense of pride about serving our clients and a duty to protect the financial system.”
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Collaboration.
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“Collaboration is much more dynamic when you can pop over to the next desk or brainstorm in a room together, bouncing ideas and feeding off each other.”
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Apprenticeship and learning.
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“Banking is an apprenticeship business and this can happen over Zoom, but only up to a point.”
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Competitiveness and performance.
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“Being together drives collaboration, coordination and helps break down silos. These are attributes we need to embrace to improve our competitiveness and performance.”
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The future of work at Citi.
Citigroup’s policies reflect broader trends and insights on hybrid work, with roots in earlier thinking developed alongside Accenture. Steve Donovan, Citi’s Latin America Treasury and Trade Solutions Head, highlighted this in a 2020 article: “The working practices of the future will differ significantly from those of the past. We need to ensure that our future working models enable us to nurture a common spirit, share ideas, and ensure that our people have the tools and skills they need to be effective in their roles.”
Navigating challenges with data and flexibility.
As Citi rolls out its hybrid workplace, adjustments will undoubtedly be needed. For instance, how will the company manage potential office congestion on popular in-office days, like Tuesday through Thursday? Data will be critical in addressing such challenges. By tracking employee workspace usage—whether in corporate offices or coworking spaces—Citi can gain valuable insights into its hybrid work program’s impact.
Solutions for every organization.
Even without Citigroup’s vast resources, companies can implement and manage hybrid work strategies effectively.
LiquidSpace provides the only enterprise-grade platform for managing hybrid and distributed workplace strategies in one place. With LiquidSpace Enterprise, employees can easily book corporate and approved third-party workspaces using a simple mobile interface. Companies can also gather essential data and insights to understand employee adoption, workspace usage, spending trends, and ESG impacts.
Learn more and request a demo at liquidspace.com
